Baylor University Financial Aid: Tuition, Scholarships, Grants and Student Loans

Written by Kat Tretina

March 12, 2020February 8, 2021Paying for CollegeFeatured, Student Loans1896Kat TretinaMichael KitchenSEO

Updated on March 12, 2020

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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Baylor University is a private university in Waco, Texas. About 92% of Baylor University students receive some sort of financial aid, such as grants, scholarships, work-study programs and student loans.

This can include academic, athletic or music scholarships, as well as Baylor financial aid based on religious denomination or legacy status.

Baylor University tuition and cost of attendance
Baylor University scholarships and work-study
Federal grants, state grants and work-study
Private scholarships
Federal and private student loans
What is Baylor University’s financial aid timeline?

Baylor University tuition and cost of attendance

Baylor University Costs for 2020-21 Undergraduates
Tuition	$44,544
General student fee	$4,702
Room and meals	$12,682
Total: $61,928

The numbers listed for Baylor University’s cost cover the basics. You’ll also need to budget for other expenses such as textbooks, transportation and personal items. If you’re an international student, you’re also required to have health insurance. Coverage through the Baylor University Health Insurance Plan is automatic and is added to your tuition and fee bill unless you have other qualifying insurance, such as through your family or employer.

There is no discount for in-state students, as Baylor University is a private school rather than a state university. First-year students are required to live on campus unless they meet an exemption requirement, so living off campus isn’t a viable way to reduce your college costs.

Estimate Baylor University cost of attendance

The answer to how much it costs to go to Baylor University is dependent on your unique situation. After financial aid, the cost may be much more affordable. In fact, Baylor College of Medicine — which is located in Houston — is considered one of the most affordable medical schools.

To help estimate your costs, the school offers a net price calculator. By entering your information into the Baylor financial aid calculator, you can see how much students in similar situations to you paid for their education in a previous academic year.

The calculator will ask you a series of questions about your age, marital status, family size and finances. Based on the information you enter, it will give you an estimate of what grants and scholarships you can expect to receive. It will also tell you what your estimated net price will be after Baylor financial aid is applied. Your net price is the amount you should expect to cover on your own, either with your savings or through student loans.

Baylor University scholarships and work-study

Academic scholarships

Students are automatically considered for academic scholarships when they’re admitted. There are two core types of academic scholarships:

Freshman academic scholarships: Based on test scores and class rank or GPA, students can qualify for scholarships ranging from $40,000 to $84,000 divided over eight undergraduate semesters, or $10,000 to $21,000 per academic year (as of the 2020-21 school year). High-achieving students can also qualify for scholarship events, with awards ranging from $2,000 to full-tuition scholarships.
Transfer academic scholarships: Based on a transfer student’s GPA, they can qualify for scholarships of $9,000 to $13,000 per academic year. If you’re a transfer student and a member of Phi Theta Kappa, you can qualify for a scholarship of $1,000 per academic year. To maintain your scholarship as a transfer student, you must keep a GPA of 3.0 or higher.

Calculate academic scholarship eligibility

With Baylor University’s scholarship calculator, you can get an idea of what awards you’re eligible to receive. Just enter when you will graduate high school, what standardized tests you took and your scores, and your class rank. The calculator will then tell you what scholarships you’d qualify for if admitted.

Need-based scholarships

To qualify for need-based scholarships, you need to complete and submit the Free Application for Federal Student Aid (FAFSA) and the CSS Profile.

Endowed scholarships: Award amounts are based on your financial need and merit. To qualify for renewal of these scholarships, you must have a continued financial need, maintain full-time student status and have at least a 2.5 GPA.
Living-Learning Center scholarships: Students who have an academic need who choose to live in Baylor’s Living-Learning Centers — communities based around specific academic programs — can qualify for scholarships of $3,000 a year. The scholarships are renewable for up to three additional years.
Baylor sibling scholarships: Students who have one or more siblings enrolled at Baylor at the same time can qualify for a $3,000 scholarship on a first-come, first-served basis. To be eligible, students need to complete the FAFSA and submit the CSS Profile by Feb. 1, as well as email [email protected].

Carr P. Collins Scholarship

Incoming freshmen who show leadership through service can qualify for the Carr P. Collins Scholarship and receive at least $5,500 their freshman year, renewable for up to three additional years.

To qualify, students must:

Be a resident of Texas
Rank in the top quarter of their graduating class
Have a minimum score of 1310 on the SAT or 28 on the ACT
Have completed a college preparatory program including history, science and a foreign language

Students must submit a resume and a 500-word handwritten essay (no typing allowed), along with a nomination from a teacher, counselor or principal.

Departmental scholarships

Some academic departments at Baylor University offer scholarships. Requirements and awards vary based on the department and individual scholarship.

Some departments that offer scholarships include:

Religion
Marketing
Accounting
History
Music

Athletic scholarships

Baylor University offers athletic scholarships in accordance with NCAA guidelines. Baylor competes in Division I athletics as part of the Big 12 Conference.

Baptist scholarships

Students who are active in a Baptist church, are pursuing a career in the ministry or who have a parent who is a Baptist minister or missionary can qualify for Baylor scholarships. Depending on the award, students can get up to $5,000 a year in scholarships. There is also a ministry scholarship that would cover 20% of your tuition for undergraduate hours.

University work-study

Another financial aid option is Baylor work-study, which operates outside of the federal work-study program. Any student who wants to work on campus can participate if there is availability. You don’t have to file the FAFSA to qualify. Most students earn minimum wage, but they can use their earnings to offset education costs.

Federal grants, state grants and work-study

Beyond Baylor financial aid, you may be eligible for federal grants, state grants and gift aid, and federal work-study programs. To ensure you get the aid to which you’re entitled, make sure you submit the FAFSA as soon as possible. Federal financial aid is often distributed on a first-come, first-served basis.

Pell Grants

Undergraduate students with an exceptional financial need may qualify for federal Pell Grants. The maximum Pell Grant you can receive for the 2020-21 academic year is $6,345, but the amount you receive is dependent on your Expected Family Contribution, cost of attendance and student status.

Federal Supplemental Educational Opportunity Grants

Depending on your financial need, you could receive between $100 and $4,000 a year through Federal Supplemental Educational Opportunity Grants (FSEOGs). Unlike Pell Grants, which are awarded to every eligible student, schools are given a limited amount of money for FSEOGs each year. Once the money runs out, no more awards can be given for that year.

Iraq and Afghanistan Service Grants

If you don’t meet the Pell Grant eligibility requirements on the basis of your Expected Family Contribution and your parent or guardian was a member of the U.S. military who died as a result of their service, you may qualify for an Iraq and Afghanistan Service Grant. To be eligible, your parent or guardian must have died while serving in Iraq or Afghanistan after the events of 9/11 and you must have been younger than 24 or enrolled in college at least part time at the time of your parent’s death. If you qualify for the maximum grant, you can receive up to $6,345 a year.

Teacher Education Assistance for College and Higher Education Grants

If you’re completing coursework required to begin a career in teaching, you may be eligible for the Teacher Education Assistance for College and Higher Education (TEACH) Grant. Qualifying students can receive up to $4,000 a year to pay for their education. As a condition of the grant, you must agree to a service commitment. Otherwise, your grants will be converted into student loans.

Tuition Equalization Grant

A grant specific to Texas students, the Tuition Equalization Grant provides eligible students with up to $3,420 in aid. However, institutions can decide to give students with exceptional financial need up to $5,130 in aid each year. To qualify, you must be a Texas resident, have a demonstrated financial need, maintain a GPA of at least 2.5 and not receive athletic scholarships.

Federal work-study

Under federal work-study programs, participating students can work on or off-campus in jobs related to their fields. Jobs are part-time. You’ll earn at least minimum wage, but you can earn more depending on your field, your level of financial need and your school’s funding level.

Private scholarships

You can also qualify for scholarships outside of those offered by Baylor University. Private companies and nonprofit organizations offer scholarships to students based on different skills and merit. You can even combine multiple scholarships to reduce your education expenses. You can search for scholarship opportunities on the internet.

Federal and private student loans

If you’ve used up all your scholarships, grants and work-study options and still need money for school, student loans can be a useful tool.

Federal student loans

Federal student loans should be your first funding option as they tend to have lower interest rates and more generous repayment terms than private student loans.

As an undergraduate student, you have the following options:

Subsidized loans: Undergraduate students with financial need may qualify for subsidized loans. With this option, the government covers the interest that accrues while you’re in school, during six months after you leave school and during periods of deferment.
Unsubsidized loans: Anyone can qualify for unsubsidized loans, regardless of financial need. You’re responsible for all interest that accrues, even when you’re still in school.

If you’re a parent of an undergraduate student, you also can take out parent PLUS loans. With PLUS loans, you can borrow up to the total cost of attendance.

Private student loans

If you’ve already borrowed the maximum amount allowed by the federal government and need more money to pay for the semester, private student loans can fill the gap.

Interest rates and repayment terms can vary from lender to lender, so make sure you compare offers from multiple lenders before submitting your loan application.

What is Baylor University’s financial aid timeline?

According to the Baylor financial aid office, you should follow these steps:

Complete the FAFSA and CSS Profile: The FAFSA and CSS Profile can be submitted starting on Oct 1.
Accept your awards: Accept your awards online via BearWeb, Baylor’s secure online system.
Register for classes: This ensures you’re enrolled in enough hours to get all the aid you’re entitled to receive.
Accept your federal loans: By June 1, accept your federal student loans through BearWeb. You’ll also need to complete entrance counseling and sign a master promissory note.
Send in necessary documentation: If the financial aid office requested any documents, send in required documents by May 1.
Apply for other loans: If you need to apply for parent PLUS loans or private loans, Baylor University recommends that you apply for aid by June 1.

Rebecca Safier contributed to this article.

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Baylor University Financial Aid: Tuition, Scholarships, Grants and Student Loans

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Baylor University tuition and cost of attendance

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